Markets News Stocks 

The stock market is seeing abnormally large moves this earnings season — Goldman Sachs explains why, and how traders can capitalize

“If you’ve noticed that stock prices have been swinging more than usual this earnings season, it’s not just your imagination playing tricks on you” writes Joe Ciolli for businessinsider.com. All of the quotes below are attributable to the derivatives team at Goldman.Fogertey & Co. go as far as to make four single-stock recommendations meant to help traders make a killing over the rest of earnings season. Source: businessinsider.com Share This:

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Goldman Sachs wades into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays

“REUTERS/Danny Moloshok Goldman Sachs has waded into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays” writes Alex Morrell for businessinsider.com. Equity derivatives traders have become the focus of an intense Wall Street hiring battleground, with more than 40 moves at the level of vice president or higher in equity derivatives in the US this year.The bank has hired David Wernert, formerly an equity derivatives trader at Barclays focused on single-stock trading, according to people familiar with the matter.Goldman lagged behind peers, reporting equity trading revenues of $1.89…

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SGX Seeks to Change Clearing Rules for Derivatives and Securities

“Part of the proposed changes concerns the Central Depository (CDP) Clearing Rules for securities trading” reports financemagnates.com. Another change includes introducing an auction protocol for liquidating a defaulted Singapore Exchange Derivatives Clearing (SGX-DC) Member’s positions in exchange-traded derivatives contracts and over-the-counter commodities contracts.Singapore Exchange (SGX) proposed amendments to the clearing rules for derivatives and securities on Thursday. Source: financemagnates.com Share This:

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Citi has poached a quant trading exec from Credit Suisse as Wall Street’s equity derivatives hiring binge continues

“Equity derivatives traders have become the focus of an intense Wall Street hiring battleground, with more than 40 moves at the level of vice president or higher in equity derivatives in the US this year” writes Alex Morrell for businessinsider.com. Matthias Hangst/Getty Images Citigroup has hired a quant trading and derivatives exec from Credit Suisse, the latest in the rash of equity derivatives moves across Wall Street.Jeff Berton joins Citigroup as a quant and derivatives trading exec on its markets team. Source: businessinsider.com Share This:

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Futures Markets News 

SGX Adds Black Global Futures to its Derivatives Market

“Global clients of Blackwell Global Futures will now have direct access to the Asian derivatives market” reports financemagnates.com. The Singapore Exchange (SGX), a securities exchange operator, announced today that it has added Blackwell Global Futures Limited to its derivatives market.SGX’s over-the-counter traded financial derivatives have 11 Clearing Members, whilst its securities market has an equal 25 Trading Members and Clearing Members each.Its membership to the SGX derivatives market (SGX-DT) means the brokerage can now offer derivative contracts from Asia’s most international and connected exchange. Source: financemagnates.com Share This:

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Markets News Regulators Stocks 

Banks tightened margin requirements and haircuts in response to stock market volatility, Fed survey finds

“Overall, the credit officers for a small amount of firms reported an easing in credit terms for their hedge fund clients” writes Senior Economics Reporter for marketwatch.com. The Fed surveyed credit officers from 23 institutions between May 7 and May 23. The firms account for almost all dealer financing of dollar-denominated securities to nondealers and are the most active intermediaries in the OTC derivatives market.The dealers reported no change in the demand for leverage via margin loans or equity derivatives as a result of the volatility. Source: marketwatch.com Share This:

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Québec Regulator Announces Roundtable for Proposed Derivatives Regulation

“The aim of the regulation proposed by CSA is to create a uniform approach to derivatives business conduct regulation in Canada” reports financemagnates.com. The first focuses on improving business conduct by dealers and advisers in the over-the-counter (OTC) derivatives market.The CSA’s goal to improve the standards of its derivatives market is in-line with the current industry trend. Source: financemagnates.com Share This:

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CFTC orders JPMorgan to pay $65 million to settle swap rate manipulation charge

“Pension funds and local governments often rely on products priced off the benchmark rate to help hedge against future interest rate changes” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – JPMorgan Chase Bank NA will have to pay a $65 million civil penalty to settle charges that it attempted manipulating ISDAfix benchmark swap rates between 2007 and 2012, the U.S. Commodities Futures Trading Commission said on Monday.ISDAfix rates are used to help value the cash settlement of options on interest rate swaps and other products.The derivatives regulator said the…

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Markets News 

Vatican says ‘amoral’ financial system needs infusion of ethics, more regulation

“It said that even today, some types of derivatives were a “ticking time bomb ready sooner or later to explode, poisoning the health of the markets.”” writes unknown author for cnbc.com. It said some forms of financial intermediation “have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis”.The document called for separation of banks to avoid another crisis.The document attacked the “economic cannibalism” of some financial practices.CNBC reported derivatives declined to a gross market value of about $11 trillion at…

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GBP News 

Thomson Reuters to move forex derivatives out of London to Dublin after Brexit: FT

“LONDON (Reuters) – Thomson Reuters is planning to transfer its foreign exchange derivatives trading to Dublin from London ahead of Britain’s departure from the European Union in March 2019, the Financial Times reported” writes Midwest Communications Inc for 95kqds.com. It will be used to cover the derivatives business — the largest in Europe — which trades more than $300 billion a day, the FT said.The business is part of the trading operations being bought by private equity group Blackstone. Source: 95kqds.com Share This:

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